Final answer:
The Emancipation Proclamation's immediate impact on the Southern economy is unclear from the document itself. Contemporary economic records or newspapers might provide insight into the changes in labor, production, and trade following the proclamation.
Step-by-step explanation:
The Emancipation Proclamation, issued on January 1, 1863, declared that all persons held as slaves within rebelling states "shall be then, thenceforward, and forever free". However, this document leaves unanswered the question of the immediate effects on the Southern states, particularly how it impacted their economy. To better understand this, one might look at economic records from the Confederacy or contemporary newspaper articles that could provide details on changes in labor, production, and trade after the proclamation. There were no significant legal challenges to the Proclamation mentioned in this passage, as it was a wartime measure and it avoided areas where it would likely be challenged, such as the Union border states.